Home » Headline, World News

Robert Allen Stanford charged with $8billion fraud

17 February 2009 3 Comments

Posted by Sherwin

sir-robert-allen-stanford-fraud

The U.S. Securities and Exchange Commission (SEC) today charged billionaire financier Robert Allen Stanford over an alleged multi-billion dollar fraud.

The SEC filed a complaint against Mr. Stanford and three of his companies for “orchestrating a fraudulent, multi-billion dollar investment scheme” relating to an 8 billion dollar CD program.

“Stanford and the close circle of family and friends with whom he runs his businesses perpetuated a massive fraud based on false promises and fabricated historical return data to prey on investors,” an SEC spokesman said.

Rose Romero, Regional Director of the SEC’s Fort Worth Regional Office, added, “We are alleging a fraud of shocking magnitude that has spread its tentacles throughout the world.”

Regulators claim Stanford International Bank, through a network of advisers, sold billions of dollars worth of so-called “certificates of deposit” to investors promising “improbable and unsubstantiated” high returns.

Buyers of these CDs were told these deposits were safe, it is alleged.

Mr. Stanford has been placed under a temporary restraining order and has had his assets frozen.

Blog Widget by LinkWithin


  • http://www.avoid-fraud.com/ fraud prevention

    And? He will pay and will get out.

  • sirgerald

    Allen Stanford's school of serial swindlers use name dropping, stamped passports, falsified tax returns, and donations to St. Jude's to gain trust and power over private companies with aspirations to go public. According to SEC files, Sydney Trip Camper botched a deal with the Ahkoy family's Datec and was fired from Elandia Inc. by Allen Stanford. With help from his new partner in crime, Sydney Camper went on to his next victim in Los Angeles and ruined this private company by forming a shell holding company, opening secret bank accounts, and using all THEIR assets to get OTHER people to loan HIM money = PONZI SCHEME!!!! In true Stanford form, Sydney Camper moved on to InZon and Ed Berkhof is orchestrating a new scam with FMC Telecom. Frank Cassidy, owner of FMC Telecom, is either his new fellow fraudster or Mr. Cassidy has fallen victim to Ed Berkhof's new Ponzi scheme. The Ahkoy family is now suing Elandia in the Pacific and Florida courts. The FBI and SEC are investigating Allen Stanford, James M. Davis and their den of thieves including Sidney D. Trip Camper III and Ed Berkhof.

  • sirgerald

    Allen Stanford's school of serial swindlers use name dropping, stamped passports, falsified tax returns, and donations to St. Jude's to gain trust and power over private companies with aspirations to go public. According to SEC files, Sydney Trip Camper botched a deal with the Ahkoy family's Datec and was fired from Elandia Inc. by Allen Stanford. With help from his new partner in crime, Sydney Camper went on to his next victim in Los Angeles and ruined this private company by forming a shell holding company, opening secret bank accounts, and using all THEIR assets to get OTHER people to loan HIM money = PONZI SCHEME!!!! In true Stanford form, Sydney Camper moved on to InZon and Ed Berkhof is orchestrating a new scam with FMC Telecom. Frank Cassidy, owner of FMC Telecom, is either his new fellow fraudster or Mr. Cassidy has fallen victim to Ed Berkhof's new Ponzi scheme. The Ahkoy family is now suing Elandia in the Pacific and Florida courts. The FBI and SEC are investigating Allen Stanford, James M. Davis and their den of thieves including Sidney D. Trip Camper III and Ed Berkhof.